Treasurer Frerichs Signs Resolution Calling on Wells Fargo to Require Independent Board Chair
Treasurer Frerichs Signs Resolution Calling on Wells Fargo to Require
Independent Board Chair
SPRINGFIELD – Illinois Treasurer Michael Frerichs announced
recently that he has co-filed a shareholder resolution with Connecticut State Treasurer Denise L. Nappier to require a change to
Wells Fargo bylaws. The change would require the Chair of the Board of Directors to become an independent member of the board.
“Wells Fargo’s predatory and illegal banking practices have proved that the company needs a se t of independent e yes to ensure stronger, unbiased oversight,” Frerichs said. “Recent revelations demonstrate Wells Fargo’s weak internal controls. When the CEO also serves as Board Chair, essentially as his own boss, there is simply a lack of accountability at the highest level of the organiza tion," Frerichs said in a released statement.
Latest Stories
- CTU Gathers with Faith-based Leaders to Highlight Recent Tentative Agreement Wins for Students and Educators
- COOK COUNTY COMMISSIONER KISHA MCCASKILL TAKES CENTER STAGE AS SOUTH SUBURBAN COMMUNITY UNITES FOR A GREENER FUTURE
- RICH TOWNSHIP SUPERVISOR CALVIN JORDAN LEADS HEARTWARMING SPRING CELEBRATION FOR HUNDREDS OF FAMILIES WITH “EASTER JAMBOREE” CELEBRATION
- Local Musician’s Career Spans 50 Years
- Have Questions About Money? The Illinois State Treasurer’s Office Can Help
Latest Podcast
STARR Community Services International, Inc.
